Indian Finance Minister Confirms No Law Banning Crypto in India

Asia Blockchain Review

July 29, 2019

In India, Minister of State for Finance Anurag Thakur issued a statement confirming that there are no laws explicitly prohibiting activities related to cryptocurrency in the country. However, crypto activities and exchanges are still subject to existing laws, and authorities may take action accordingly.

MP Inquires About Legal Status of Virtual Currencies in India

According to Cointelegraph, the statement was made on July 19th, 2019, as a Member of Parliament (MP) and the Finance Minister discussed issues regarding the use of cryptocurrencies in India.

The meeting, which took place at Rajya Sabha or the Council of States, which functions as the upper house of the legislature, saw MP Dharmapuri Srinivas asking the Finance Minister about the legal status of cryptocurrency.

Srinivas continued to ask about the organizations and government authorities responsible for law enforcement regarding virtual currencies.

The MP inquired as to whether “the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market.”

Indian Finance Minister Admits There is No Crypto-Specific Law

In response, Minister Thakur admitted that there is no law specific to cryptocurrency. In India, crypto activities are only considered illegal if they violate preexisting laws.

In these cases, crypto activities may be scrutinized by authorities such as the Reserve Bank of India, tax authorities, or the enforcement directorate whether to take further action against individuals suspected of committing illegal activities.

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.